Synovus Announces Pricing of $300 Million Senior Notes Offering

October 25, 2017 04:05 PM Eastern Daylight Time

COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) today announced the pricing of its
previously-announced underwritten public offering of $300 million of
senior notes due 2022 (the “Notes”). The Notes will bear interest at a
rate of 3.125% and will be issued at a price equal to 99.729% of their
face value. The offering is expected to close on November 1, 2017,
subject to customary closing conditions. Synovus intends to use the net
proceeds from the offering, together with cash on hand, to redeem all
$300 million aggregate principal amount of its 7.875% Senior Notes due
2019 (the “2019 Notes”) on November 9, 2017 at a “make whole” premium
plus accrued but unpaid interest on the 2019 Notes to the redemption
date and to pay the fees and expenses incurred in connection with the
offering and the redemption. Any remaining net proceeds from the
offering will be used for general corporate purposes.

Synovus is conducting the offering pursuant to an effective registration
statement under the Securities Act of 1933, as amended. The offering is
being made solely by means of a separate prospectus supplement and
accompanying prospectus. This press release shall not constitute an
offer to sell, or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or
jurisdiction. A copy of the final prospectus supplement and accompanying
prospectus relating to the offering can be obtained by contacting
Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200
North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention:
Prospectus Department or email dg.prospectus_requests@baml.com
or Sandler O’Neill + Partners, L.P., 1251 Avenue of the Americas, 6th
Floor, New York, New York 10020, Attention: Syndicate Operations,
Telephone Number: 1-866-805-4128 or email syndicate@sandleroneill.com.
Potential investors should first read the applicable prospectus
supplement and accompanying prospectus, the registration statement and
the other documents that Synovus has filed with the Securities and
Exchange Commission in connection with the offering. Investors may
obtain these documents free of charge by visiting the SEC’s website at www.sec.gov.

Synovus Financial Corp.

Synovus Financial Corp. is a financial services company based in
Columbus, Georgia, with approximately $32 billion in assets. Synovus
provides commercial and retail banking, investment, and mortgage
services through 249 branches in Georgia, Alabama, South Carolina,
Florida, and Tennessee.

Forward-Looking Statements

This press release and certain of our other filings with the Securities
and Exchange Commission contain statements that constitute
“forward-looking statements” within the meaning of, and subject to the
protections of, Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are forward-looking
statements. You can identify these forward-looking statements through
Synovus’ use of words such as “believes,” “anticipates,” “expects,”
“may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,”
“intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and
other similar words and expressions of the future or otherwise regarding
the outlook for Synovus’ future business and financial performance
and/or the performance of the banking industry and economy in general.
These forward-looking statements include, among others, our expectations
regarding deposits, loan growth and the net interest margin;
expectations on our growth strategy, expense initiatives, strategic
transactions, capital management, our brand initiative, and future
profitability; expectations on credit trends and key credit metrics; and
the assumptions underlying our expectations. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of
future performance and involve known and unknown risks and uncertainties
which may cause the actual results, performance or achievements of
Synovus to be materially different from the future results, performance
or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are based on the information known to, and
current beliefs and expectations of, Synovus’ management and are subject
to significant risks and uncertainties. Actual results may differ
materially from those contemplated by such forward-looking statements. A
number of factors could cause actual results to differ materially from
those contemplated by the forward-looking statements in this press
release. Many of these factors are beyond Synovus’ ability to control or
predict.

These forward-looking statements are based upon information presently
known to Synovus’ management and are inherently subjective, uncertain
and subject to change due to any number of risks and uncertainties,
including, without limitation, the risks and other factors set forth in
Synovus’ filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the year ended December 31, 2016
under the captions “Cautionary Notice Regarding Forward-Looking
Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form
10-Q and current reports on Form 8-K. We believe these forward-looking
statements are reasonable; however, undue reliance should not be placed
on any forward-looking statements, which are based on current
expectations and speak only as of the date that they are made. We do not
assume any obligation to update any forward-looking statements as a
result of new information, future developments or otherwise, except as
otherwise may be required by law.